Major International Business Headlines Brief::: 12 March 2025

[Bulls n Bears]

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Major International Business Headlines Brief:::  12 March 2025 

 


                                                                                  

 


 <mailto:info at bulls.co.zw> 

 


 

 


 

ü  Nigeria: Govt Urged to Reposition Nation's Maritime Industry for Economic Growth

ü  South Africa: Construction of Homes for Bishopscourt Land Claimants Set to Begin

ü  Displaced community received 12-hectares of prime property in affluent Cape Town suburb

ü  Africa: Can African Philanthropy Fill in for American Aid Cuts?

ü  East Africa: FDIs in East Africa At Risk As Corruption in Uganda Comes Under Global Scrutiny

ü  Ghana and Côte d'Ivoire Strengthen Ties With Joint Maritime Patrols

ü  Key Stakeholders In Uganda Call For Greater Investment In Young Entrepreneurs

ü  Nigeria: Kebbi Govt Discovers Five Solid Minerals

ü  Uganda: MPs Demand Answers Over Delayed Implementation of Rapex Process

ü  Nigeria: Reps Urge CBN to Suspend Increase in ATM Withdrawal Charges

ü  Egyptian, Comorian FMs Discuss Fostering Bilateral Relations

ü  Kenya: Cabinet Approves National Policy On Women's Economic Empowerment

ü  Kenya: Raila Says Stance On Ruto Taxes Unchanged As He Defends Pact With UDA

ü  Trump halts plan for 50% steel and aluminium tariffs on Canada

ü  Is the US really heading into a recession?

 


 <mailto:info at bulls.co.zw> 

 


 

Nigeria: Govt Urged to Reposition Nation's Maritime Industry for Economic Growth

Ilorin — The Chairman, Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) Onne Port chapter, Port Harcourt Rivers State, Comrade Kolawole Zakariyyah Atanda has said that, the union would do everything possible to offer good economic advises to the federal government that will reposition Nigeria to be a voice in maritime comity of nations and boosting its growth.

 

Atanda spoke with our correspondent in Ilorin, Kwara state capital over the weekend on the sidelines of his recent emergence as the new helmsman of the union and other members of executive council.

 

He emphasised the vital need for the provision of enabling environment by the FG to facilitate trade and also to address the lacuna in the international trade for the economic growth of the country.

 

 

He said, "History was made in Onne as our union was formally inaugurated recently as a chapter in Onne command of the Nigeria Customs to operate as one of the recognised freight forwarding organisations. The vision of the union is to create an environment that positions Nigeria prominently in the committee of maritime nations, ensuring we operate at an international level.

 

"APFFLON is not just an association; it is an advocacy platform dedicated to maritime advocacy and national economic development. We are not limited to maritime issues alone. We speak about the welfare of the people, the economy, and policies that impact Nigerians as a whole to cater for amongst other areas.

 

"We will also ensure programmes and policies of the Nigeria Customs are followed to the letter, ensuring compliance in terms of trade facilities and not forgetting acting as a pressure group to ensure that all ports related agencies don't or are not seen as exploiting clearing agents."

 

Read the original article on This Day.

 

 

 

 

Displaced community received 12-hectares of prime property in affluent Cape Town suburb

 

86 homes are set to be built in Bishopscourt for land claimants who were forcibly removed from the area under the Group Areas Act.

About 50 plots are being sold to fund the construction of the claimants' homes.

At a sod-turning ceremony on Tuesday, claimants reminisced about their childhood in Bishopscourt.

Land claimants, community members and government officials attended a sod-turning ceremony on Tuesday in Protea Village, Bishopscourt, for the construction of 86 homes.

 

 

Between 1959 and 1970, under the apartheid Group Areas Act, more than a hundred families were forcible relocated from here to the Cape Flats.

 

The Protea Village community had settled in the area in 1834. The 28-hectares of land they occupied had a church, a shop and a fresh water spring.

 

Today, Bishopscourt is one of Cape Town's most expensive suburbs, while the suburbs on the Cape Flats where the claimants were relocated are battling crime, unemployment and poverty. According to Property24, the average property sale price in Bishopscourt is over R20-million. House prices sometimes exceed R100-million.

 

Following a successful land claim in 2006, 86 families opted to have their rights to the land restored and 46 families opted for compensation. Construction of water, electricity and road infrastructure is set to start soon and the homes are expected to be completed by 2027.

 

 

Kathleen Basson was in her twenties when her family was forcibly removed. Now aged 93, she told GroundUp, "It's joyous, almost overwhelming to think that we've got so far."

 

She said she remembers leaving the area as a "sad affair", but it's "very joyous to think that we will all soon be able to get together and be together as a community again".

 

The families have waited almost 30 years to receive their land. In 2021, two state-owned plots with 12-hectares in total were transferred to the Protea Village Community Property Association by the National Department of Public Works and the City of Cape Town.

 

The development follows a unique cross-subsidisation model with open-market plots being sold on one side of Kirstenbosch Drive to fund the homes for the 86 returning families. Four hectares of the land will be used as a publicly accessible greenbelt along the Liesbeek river.

 

The first 33 open-market plots have already been sold at an average price of R4.5-million. Another 17 plots will go on sale later this year.

 

 

Sonia Roman, 78, was also at the ceremony. She said she and her family were moved to Heideveld. "When they moved us out I was 16 years old. The truck just came and [they] put us all on. Half the furniture couldn't go."

 

After they were moved, she and her six siblings slept in one room.

 

"It was just sand and no trees," she says.

 

"I just hope to see the day we come back here again. There was never any crime in this place. We didn't have lights but everybody knew one another. It was a lovely place to be."

 

Martha Thomas, now 84, had just started her nursing career when she was moved from Protea Village, where she was raised by her single mother.

 

"We had such a beautiful garden. Plenty of everything. We never went hungry. Today is so sad that we have to pay for everything. Everything is so expensive. I really miss the life that we had in Protea."

 

Tuesday's ceremony was attended by Cape Town Mayor Geordin Hill-Lewis, Minister of Public Works and Infrastructure Dean Macpherson, and Minister of Land Reform and Rural Development Mzwanele Nyhontso.

 

Nyhontso told GroundUp that he believed this was a good model for other restitution cases. "I wish other Communal Property Associations (CPAs) could come and study this model of working together and complying with the law," he said.

 

In his speech, Hill-Lewis said that living closer to work opportunities was an "empowering game-changer" for the families. He noted the significance of the claimants returning to what is now an affluent suburb.

 

"Thank you for your patience and your resilience all these long years, and for your commitment to building a successful and sustainable community here. I know we still have a little way to go here before we can hand over the keys to your new homes, but we are near the end of the race," he said.

 

Read the original article on GroundUp.

 

 

 

 

 

Africa: Can African Philanthropy Fill in for American Aid Cuts?

Africa must look within to improve resource allocation and promote social impact investments that go beyond just boosting profits.

 

On the day he took office in January, United States (US) President Donald Trump authorised the freezing of most American foreign development assistance for 90 days. The freeze would allow for an assessment of programmes' efficiency and consistency with US foreign policy.

 

US Secretary of State Marco Rubio followed up with a three-way test for future US aid: 'Does it make America safer? Does it make America stronger? Does it make America more prosperous?' Nothing was said about the recipient country's needs, or human rights and values.

 

While the media is gripped by the US decision, the shifting of aid priorities isn't new. In 1995, Sweden replaced its Swedish International Development Authority, similar to USAID, with the Swedish International Development Cooperation Agency. Another example among several in Europe is Britain's 2020 merging of its Department for International Development with its Foreign, Commonwealth and Development Office.

 

 

The US process is however different to both the Swedish and UK cases, given the immediacy of the freeze and the dismantling of USAID before conducting a review.

 

Globally, the upward trend in official development assistance (ODA) started levelling off in 2022. In 2020, the UK reduced its commitment to spend 0.7% of gross national income (GNI) on ODA to 0.5%, with a new target of 0.3% by 2027.

 

It is estimated that in 2023, the Development Assistance Committee of the Organisation for Economic Co-operation (OECD), which comprises the world's richest nations, committed only 0.37% of donors' GNI to development aid - US$196 billion below the 0.7% target.

 

Two trends are clear. First, countries that administer ODA separate from foreign policy are tending to merge them. In the process, the aid component will be smaller and dependent on foreign policy priorities. Second, ODA funding will likely fall as donor countries respond to post-COVID-19 economic woes, and national and regional priorities such as the Ukraine war. Africa won't be a priority for the remaining aid.

 

 

In 2023, Africa received US$59.7 billion in ODA, representing 26.8% of all aid that year. The US cuts are significant because the country provides about 26% of all development assistance to Africa, and all African countries except Eritrea received some support from the US in 2023.

 

The US aid freeze impacts African countries in different ways. In Ethiopia, where 16 million citizens depend on donated grain and 50% of children were projected to suffer from malnutrition in 2024, the decision aggravates an already critical condition. Ghana faces a US$156 million shortfall that endangers its healthcare and agricultural sectors. Nigeria's fragile healthcare system is further strained, diminishing resources for treatments and worsening existing vulnerabilities.

 

 

ODA-supported programmes are important. They are typically deployed where government programmes have been absent for decades. They address social issues in public health, climate change, migration, crime, violent conflict, agriculture and food security, among others. Aid also supports civil society and research initiatives that may be impossible without funding.

 

To respond to the ODA gap (and similar shocks in future), what is most needed in Africa is not a big-dollar cheque, but to look inward with precision and efficiency, at the allocation and use of resources. More efficient government revenue collection and broadening the tax base are also vital.

 

The Africa Wealth Report 2024 noted that 135 200 people worth at least US$1 million lived in Africa. Furthermore, remittances to Africa reached US$100 billion in 2023, constituting 6% of the continent's gross domestic product. The assets of high-net-worth individuals and remittances surpassed ODA to Africa, which was US$42 billion, as well as foreign direct investment - US$48 billion in 2024.

 

Significant resources exist in Africa, and more are coming in through foreign direct investment and remittances. The challenge is to improve resource allocation and promote investments that address communities' problems, not just boost profits.

 

Africa's private sector must be deliberate in allocating resources to causes. A recent example illustrates the current challenge. On 20 February Nigerian elites raised ₦17.5 billion (US$11.7 million) for an 83-year-old ex-dictator to build a 'presidential library' in a country where 18 million children are out of school. Better planning could see these funds channelled to more inclusive and sustainable initiatives.

 

Africans need not be millionaires to drive change. There is already an impressive commitment to crowdfunding in parts of Africa. Despite challenges in existing crowdfunding initiatives, Africans can get more mileage by pooling resources and supporting structured projects such as those currently funded through ODA.

 

Social impact investments can help Africa match resources to compelling societal needs. As much as US$38 billion in social impact capital was invested in Africa between 2005 and 2015. Other tools could include charitable bonds, and green and sustainability funds.

 

Challenges include poor awareness, and a lack of regulation and interest among African investors. The interest of the diaspora in remittances and diaspora bonds can also be tapped to fund impact projects on the continent.

 

African governments can motivate individuals and firms through financial and regulatory incentives. These include tax benefits for charitable contributions, prioritised access to public-private partnerships, and policies that embed philanthropy within states' and corporations' agendas.

 

The continent must rethink its reliance on external aid. African philanthropy can be harnessed to fund critical projects previously funded through ODA. This could be through individual and corporate donations, organised crowdfunding, and subscription to social impact investments and social bonds.

 

Such funding must go towards projects that are well developed, sustainable, managed by professional teams and consistently evaluated. Awareness programmes that promote a culture of giving are also vital.

 

In 2023, private sector contributions to the United Nations Children's Fund (including individual donations) reached US$2.1 billion. People of the world are willing to give if they have confidence in the recipient.

 

This could be replicated in Africa, where a strong tradition of giving to charitable causes already exists. What remains is to pool this practice and combine it with investments to wean the continent off its dependence on foreign aid.

 

Oluwole Ojewale, ENACT Central Africa Organised Crime Observatory Coordinator, ISS

 

Nengak Daniel Gondyi, PhD Candidate, LANDRESPONSE Project, Norwegian University of Life Sciences, Ås, Norway

 

Read the original article on ISS.

 

 

 

 

East Africa: FDIs in East Africa At Risk As Corruption in Uganda Comes Under Global Scrutiny

Kampala — The investment climate in East Africa is undergoing scrutiny as concerns emerge regarding governance and transparency in Uganda.

 

Recent developments, including the case of the illegal detention and arrest of Vasundhara Oswal, an Indian-Swiss businesswoman and key investor in the region, have brought attention to the need for stronger investor protections and regulatory oversight to ensure a stable business environment within the East African Community (EAC).

 

Uganda, a member of the EAC, has been recognized as an emerging investment destination. However, recent challenges highlight the importance of legal safeguards and investor confidence amidst global human rights criticisms/violations and a collapsing legal system.

 

 

On October 1st, 2024, Vasundhara Oswal was illegally detained and forcibly removed from her work site without any warrants, under unclear circumstances. During her detention, she faced difficult conditions, including no access to food, water, medical care, and legal representation.

 

Despite a high court-ordered release and Uganda's own disregarded constitution, clearly making it illegal to be detained for more than 48 hours, she was held for an additional 72 hours before being presented to Luwero magistrate court (located 65kms north of capital city-Kampala) and slapped with a capitol charge without even a pinnacle of evidence being presented against her.

 

She was being held on charges of kidnap and intent to murder.

 

Even after the allegedly missing person was found the capitol charges were kept on her for an additional 2 weeks where she was still kept in a jail for convicted murderers in horrific conditions.

 

 

After this, the charges were withdrawn by the Director of Public Prosecutions and were replaced with a misdemeanor charge on December 16, 2024. A family member indicated this was evidently done so as to continue to extort money from the family, and a related video has been handed to the the main Investigation Officer Thomas Baale.

 

Such incidents raise important discussions about the need for clear regulatory frameworks and strengthened governance to support foreign direct investment (FDI) in Uganda and the wider EAC region. Some investors, including the Oswal family, have re-evaluated their commitments in Uganda.

 

In the last few months, Uganda has been globally criticised for the mishandling and incarceration of the opposition leader Kizza Besigye Kifeefe and has also received wide spread condemnation for the current military head and son of President of Uganda, Muhoozi Kainerugaba, for the openly threatening behaviour online towards other countries.

 

"Transparency and accountability are critical in maintaining the region's attractiveness for global investors. Addressing governance challenges will not only help improve investor confidence but also ensure that economic growth continues across the EAC," opines a member of the Oswald family .

 

"The EAC has a role to play in fostering a stable and predictable investment environment. Strengthening governance and legal protections will reinforce the region's economic credibility and support long-term growth."

 

Some investors, including the Oswal family, have re-evaluated their commitments in Uganda, opting instead to relocate planned investments to Tanzania, which is seen as offering a more predictable business landscape.

 

"This is not just about one investor's experience. It is about ensuring a business environment that supports investment and economic development. A stable and transparent system benefits all stakeholders, fostering confidence in the region's future. With FDI serving as a major contributor to economic expansion, EAC nations can work collectively to strengthen investment conditions. Addressing governance concerns will support continued investor interest and regional growth, ensuring that East Africa remains a key destination for international business," says Vasundhara Oswal.

 

Read the original article on Independent (Kampala).

 

 

 

Ghana and Côte d'Ivoire Strengthen Ties With Joint Maritime Patrols

Ghana and Côte d'Ivoire have reached an agreement to conduct regular joint inspections along their shared international maritime boundary, in compliance with the ruling of the International Tribunal for the Law of the Sea (ITLOS).

 

This initiative seeks to regulate offshore oil exploration, preventing unauthorised activities in the high seas of both nations, while mitigating potential future territorial disputes.

 

The collaboration also aims to protect marine resources and safeguard the economic interests of both countries.

 

The ITLOS Ruling

 

 

The International Tribunal for the Law of the Sea (ITLOS) delivered a landmark ruling on 23rd September 2017, settling the maritime boundary dispute between Ghana and Côte d'Ivoire.

 

The Special Chamber of ITLOS in Hamburg, Germany, adjudicated the case, which concerned competing claims over offshore areas rich in oil and gas within the Gulf of Guinea.

 

Desperate journeys: Ghanian youth risk death for a future in Europe

 

Ghana had been actively exploring and developing oil fields in the contested region, including the Jubilee Field. Côte d'Ivoire asserted that Ghana had violated its maritime rights.

 

However, ITLOS dismissed this claim and ruled that the maritime boundary should follow the equidistance method, aligning with Ghana's position. Both nations accepted the ruling peacefully, preserving their strong bilateral relations.

 

Joint maritime inspections

 

 

The Ghana Boundary Commission and the Côte d'Ivoire Boundary Commission (CNFCI), with support from the German Development Agency (GIZ), the African Union Border Programme (AUBP), and the West African Economic and Monetary Union (UEMOA), convened a meeting in Accra.

 

This gathering, attended by 36 selected participants from both countries, established a framework for implementing the ITLOS ruling on their international boundary dispute.

 

Key discussions focused on establishing a joint border patrol to ensure the integrity of the maritime boundary and formulating strategies to complete the boundary reaffirmation exercise by 2025. The Ghana Boundary Commission (GhBC) and CNFCI will facilitate the joint maritime inspection exercise.

 

At the conclusion of the discussions in Accra, Major General Emmanuel Kotia, the Director-General of GhBC, confirmed that regular joint inspections would be conducted along the international maritime boundary.

 

Traders reeling as fire destroys Ghana's largest clothes market

 

Previously, Ghana carried out inspections independently, but Côte d'Ivoire has now agreed to collaborate. Both nations' navies will work together, with facilitation from their respective boundary commissions.

 

Major General Kotia further stated that both parties had committed to continuing the reaffirmation exercise along their land boundary.

 

"Once we have validated this framework agreement, which will be signed by the Minister of Foreign Affairs, we can collaborate strategically and operationally regarding both land and maritime borders," he explained.

 

Konate Diakalidia, the Executive Secretary of CNFCI, reaffirmed Côte d'Ivoire's commitment to working with Ghana to safeguard their respective territories.

 

Ghana's illegal mining crisis: environmental destruction, clashes, and calls for action

 

"This meeting has successfully expedited the reaffirmation exercise and enabled us to devise strategies for the full implementation of the ITLOS ruling, ensuring that neither country trespasses," he stated.

 

Both parties agreed that the heads of their respective boundary commissions would lead delegations to submit official maps, reflecting the ITLOS ruling on the international maritime boundary line, to the United Nations (UN) Division for Ocean Affairs and the Law of the Sea (DOALOS) on 27th April 2025.

 

Read or Listen to this story on the RFI website.

 

 

 

 

Key Stakeholders In Uganda Call For Greater Investment In Young Entrepreneurs

Kampala, Uganda — Key stakeholders gathered in Kampala at the Mastercard Foundation’s Young Africa Works Dialogue on February 19, 2025, to discuss the challenges young entrepreneurs in Uganda face in starting and scaling new ventures. The event culminated in the release of recommendations for empowering the sector and a call to action for systemic reforms to unlock the full potential of youth entrepreneurship.

 

The dialogue, attended by over 350 participants at the Serena Hotel, featured a keynote address by Godfrey Byamukama, Assistant Commissioner, who represented Ramathan Ggoobi, the Permanent Secretary and Secretary to the Treasury, Ministry of Finance, Planning, and Economic Development. He emphasized the need to bridge the gap between policy and practice, acknowledging that young people’s voices are crucial in shaping effective interventions. “The true measure of Uganda’s progress lies in how we empower our youth to lead its transformation. By breaking barriers to entrepreneurship and equipping them with the tools to succeed, we are not just building businesses—we are building a nation.” He also highlighted Uganda’s ambitious ten-fold economic growth strategy, which aims to expand the economy from $50 billion to $500 billion over 15 years, with youth entrepreneurship at the centre. The government is capitalizing wealth funds worth $1.31 billion (UGX 4.8 trillion), targeting young people, women, agriculture, and industrial transformation.

 

Uganda’s young people are widely recognized for their entrepreneurial spirit, playing a pivotal role in driving innovation and economic growth. According to the State of Entrepreneurship in Uganda 2024 Report, micro, small, and medium enterprises account for over 90 percent of private sector businesses and employ millions of Ugandans, making these enterprises a cornerstone of the economy. However, systemic barriers hinder young entrepreneurs, including limited access to finance, low business registration rates, limited market access, and a persistent digital divide. Addressing these constraints through targeted skilling, financial inclusion, and enabling policies is essential to unlocking the full  potential of Uganda’s young entrepreneurs.

 

Adongo Immaculate, a participant of the Regional Universities Forum for Capacity Building in Agriculture at Gulu University and Founder of Fresh Picks Enterprise, reflected on the challenges young people face in accessing business support and skills development.

 

Young people do not lack potential; they lack access to the right skills and opportunities. The biggest mistake we continue to make as a society is that we train young people for a world that no longer exists.”

 

The young entrepreneur underscored the importance of embedding entrepreneurship training into education systems and ensuring that young people are prepared to seek employment and create their own opportunities.

 

The discussions reinforced the urgent need for improved access to finance, productive resources, and stronger peer-to-peer networks. Young entrepreneurs requested more information about opportunities within the broader entrepreneurship ecosystem. Additionally, they called for strengthened inclusive targeting for young people with disabilities and refugees, ensuring that interventions are tailored to their specific needs. Building partnerships that provide a range of services and programs, including mentorship, market access, and capacity-building initiatives, was highlighted as a critical step in advancing youth entrepreneurship.

 

Key Recommendations from the Young Africa Works Dialogue

 

Expand access to finance by increasing youth-friendly financial products and alternative financing models.

Strengthen peer-to-peer business networks and digital platforms to improve market access and knowledge sharing.

Create a more enabling policy and regulatory environment that supports youth-led businesses and startups.

Integrate entrepreneurship training into education at all levels to equip young people with practical business skills.

Enhance inclusion by tailoring financial services, training, and market access for women, refugees, and persons with disabilities.

Access to finance remains a significant barrier for young entrepreneurs, mainly due to high interest rates, slow loan disbursement, and stringent collateral requirements. The dialogue explored alternative financing models, including grants, digital microfinance, and asset-backed lending, to ensure that young people, particularly women and marginalized groups, have greater access to credit.

 

For many young entrepreneurs, networks and collaboration play a vital role in sustaining businesses. Florence Naziwa, an agribusiness exporter and participant in the Foundation’s partnership with Ripple Effect, shared her journey of overcoming challenges in the sector, noting that while exporting can seem complex, it presents a viable economic opportunity for young people. “People may fear to join the export business because it seems complicated. But I would like to inspire more people to join. In life, a comma is not a full stop, so we must keep moving forward.” She emphasized the importance of linking young entrepreneurs to reliable supply chains and structured business support systems to ensure long-term success.

 

In his remarks, Adrian Bukenya, Country Director for Uganda at the Mastercard Foundation, reaffirmed the Foundation’s commitment to unlocking opportunities for young Ugandans through the Young Africa Works strategy. The initiative aims to enable 4.3 million young people—3 million of whom are young women—to access dignified and fulfilling work by 2030. He stressed that removing systemic barriers to youth employment and entrepreneurship requires deep collaboration between the government, private sector, and youth-led organizations.

 

“Uganda’s greatest asset is its young people. When they thrive, the country thrives. The task before us is to ensure that every young Ugandan—whether in the city or the village, whether starting a business or entering the workforce—has the chance to contribute to and benefit from the country’s economic growth. This is not just a vision but a responsibility we all share” - Adrian BukenyaCountry Director, Uganda.

 

Bukenya emphasized that achieving impact at scale demands ecosystem-wide collaboration and systemic transformation. He called for stronger public-private partnerships to ensure that skilling programs are linked to financing and market access, providing young entrepreneurs with end-to-end support—from training to enterprise growth.

 

The event underscored the need for stronger collaboration among government, private sector, and development organizations to expand access to resources, mentorship, skilling, and financing for young entrepreneurs. Participants emphasized scaling effective models and deepening partnerships to drive Uganda’s economic transformation without leaving any young entrepreneur behind.

 

About the Mastercard Foundation

 

The Mastercard Foundation is a registered Canadian charity and one of the largest foundations in the world. It works with visionary organizations to advance education and financial inclusion to enable young people in Africa and Indigenous youth in Canada to access dignified and fulfilling work. Established in 2006 through the generosity of Mastercard when it became a public company, the Foundation is an independent organization separate from the company, with offices in Toronto, Kigali, Accra, Nairobi, Kampala, Lagos, Dakar, and Addis Ababa. Its policies, operations, and program decisions are determined by the Foundation’s Board of Directors and leadership.

 

 

 

 

Nigeria: Kebbi Govt Discovers Five Solid Minerals

The government of Kebbi has discovered five solid mineral deposits.

 

Commissioner for Information and Culture Yakubu Ahmed Birnin Kebbi, alongside his counterpart of the Ministry of Solid Mineral Development, Haliru Wasagu, revealed this to journalists in Birnin Kebbi.

 

Ahmed BK told journalists that the development resulted from Governor Nasir Idris's dedicated efforts to tap into the state's mineral wealth and widen new IGR horizons, aiming to transform Kebbi's economic landscape and ensure long-term sustainability and industrial progress.

 

He noted that when Governor Idris took over the mantle of leadership in 2023, he found the solid mineral sector neglected, despite the state's rich mineral deposits that could be pivotal in shifting the state's economic paradigm, which the previous administrations failed to take essential steps to promote their exploration.

 

He mentioned the five discovered solid minerals, which include lithium ore, fluorite, ilmenite, monazite, and molybdenum.

 

According to him, these minerals brought political and economic power to Nigeria's emerging socio-economic variables and development firmament, and the future looks bright for Kebbi State as it embarks on a new era of economic and industrial development.

 

The commissioner for solid and mineral resources, Haliru Wasgu, informed the journalists that 35 solid minerals were discovered in the state, five of which were discovered during Governor Nasir Idris's current administration.

 

Read the original article on Leadership.

 

 

 

 

 

Uganda: MPs Demand Answers Over Delayed Implementation of Rapex Process

The process, which has seen several entities phased out, has been marred by controversy, with MPs criticising what they call a "chaotic recruitment process".

 

Members of Parliament have expressed frustration over delays in implementing the Rationalization of Public Expenditure (Rapex) program, which aims to streamline government agencies.

 

The process, which has seen several entities phased out, has been marred by controversy, with MPs criticising what they call a "chaotic recruitment process".

 

The Rationalization of Public Expenditure (Rapex) is a government initiative aimed at restructuring and streamlining public agencies to eliminate redundancy, improve efficiency, and reduce government spending.

 

 

The process involves merging, downsizing, or dissolving various government agencies to cut costs and enhance service delivery.

 

However, it has faced delays and criticism, particularly regarding recruitment challenges and disruptions in service provision.

 

Some lawmakers argued that the government rushed into rationalization without proper preparations, disrupting service delivery.

 

"It was wrong for the government to rush into the rationalization process without prior preparations, affecting the extension of services to people," one MP said.

 

Minister for Public Service Muluri Mukasa acknowledged the delays and promised to address the challenges.

 

"We acknowledge the challenges and are working to address them," he said.

 

Deputy Speaker Thomas Tayebwa directed Mukasa to present a statement to Parliament detailing the status of the rationalization process.

 

"We need to know what's causing the delay and how it will be addressed," Tayebwa said.

 

The concerns raised highlight the need for more effective implementation of government programs to ensure uninterrupted service delivery.

 

Read the original article on Nile Post.

 

 

 

 

 

Nigeria: Reps Urge CBN to Suspend Increase in ATM Withdrawal Charges

The lawmakers noted that additional ATM withdrawal charges would further limit the financial inclusion of Nigerians by discouraging low-income earners from accessing banking services.

 

The House of Representatives has urged the Central Bank of Nigeria (CBN) to suspend its directive increasing ATM withdrawal charges.

 

This resolution resulted from a motion on urgent national importance moved by Marcus Onobun representing (Esan Central/West/Igueben Federal Constituency of Edo State on Tuesday.

 

Mr Onobun said that additional ATM withdrawal charges would further limit Nigerians' financial inclusion by discouraging low-income earners from accessing banking services.

 

 

He said Nigerians were already grappling with economic hardships, including high inflation, increased fuel prices, electricity tariff hikes, and numerous banking and service charges.

 

The lawmaker warned that increased ATM withdrawal charges would contradict the CBN's financial inclusion agenda.

 

The motion said, "Aware that CBN, in its new circular, has reviewed the ATM transaction fees stipulated under Section 10.7 of the CBN Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions.

 

"Prescribing an increase in ATM withdrawal charges and a discontinuation of the free ATM withdrawals for customers using other banks' ATMs.

 

"Thereby imposing additional financial burdens on Nigerians.

 

"Also aware that the said Section 10.7 of this Guide was last reviewed in 2019.

 

"Reducing ATM transaction fees from N65 Naira to N35 per transaction."

 

The Speaker, Abbas Tajudeen, and the entire House adopted the motion, urging the CBN to suspend the increase in ATM withdrawal charges.

 

(NAN)

 

Read the original article on Premium Times.

 

 

 

 

Egyptian, Comorian FMs Discuss Fostering Bilateral Relations

Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty discussed in a phone call with Comorian Minister of Foreign Affairs Mbae Mohamed, ways of fostering bilateral relations and enhancing cooperation in priority fields, as well as coordinating positions on regional and international issues of common concern.

 

During the phone conversation, Abdelatty expressed appreciation of Comorian President Azali Assoumani's participation in the extraordinary Arab summit on March 4 in Cairo, lauding the Comoros' effective role in supporting the joint Arab action.

 

The foreign minister emphasized Egypt's willingness to continue offering capacity-building programs to qualify Comorian national cadres, in addition to backing the Comoros' efforts to achieve sustainable development.

 

The top Egyptian diplomat affirmed Egypt's keenness to foster trade and investment cooperation with the Comoros, as well as encouraging Egyptian companies to explore available investment opportunities in the Comoros.

 

The two ministers agreed to proceed with implementing a number of bilateral agreements to strengthen economic cooperation between the two countries.

 

The pair underlined the importance of keeping consultation in the coming period to bolster mechanisms of joint cooperation and coordinating positions in regional and international forums, in a way that contributes to achieving stability and development on the African continent.

 

Read the original article on Egypt Online.

 

 

 

 

 

Kenya: Cabinet Approves National Policy On Women's Economic Empowerment

Nairobi — The Cabinet has sanctioned the National Policy on Women's Economic Empowerment in a bid to promote gender equality and economic participation.

 

The landmark initiative aimed at removing systemic barriers and ensuring women's full participation in Kenya's economy.

 

"Aligned with the Constitution, Vision 2030, and the Bottom-up Economic Transformation Agenda, the policy seeks to bridge gender gaps in financial inclusion, property ownership, skills development, and market access," read a Cabinet brief dispatched by State House, Nairobi.

 

The key objectives include creating a supportive economic environment for women entrepreneurs, strengthening public-private partnerships and promoting gender-sensitive data collection to inform future interventions.

 

 

A monitoring framework will track progress to ensure measurable impact on women's economic advancement.

 

President William Ruto has previously reiterated his administration's commitment to empowering women and girls, emphasizing the government's dedication to ensuring they have the support needed to thrive.

 

In a video message on March 8, the Head of State explained that the government's efforts extend beyond addressing inequality and justice, aiming to promote prosperity for women.

 

The President further outlined his administration's focus on expanding opportunities for women and creating an environment where they can succeed.

 

"On this International Women's Day, we reaffirm our commitment to empowering women and girls not just as a matter of inequality and justice but as a driving force of a stronger, more inclusive, and prosperous society," Ruto said.

 

He acknowledged the critical role women play in leadership, business, and innovation, stressing their contributions to Kenya's progress.

 

"We remain resolute in our quest to break barriers, expand opportunities, and foster an environment where every woman and girl thrives, leads, and realizes their full potential," Ruto reaffirmed.

 

Read the original article on Capital FM.

 

 

 

 

Kenya: Raila Says Stance On Ruto Taxes Unchanged As He Defends Pact With UDA

Nairobi — Orange Democratic Movement (ODM) leader Raila Odinga has dismissed claims that he has abandoned his supporters following his recent cooperation with President William Ruto.

 

Odinga insisted his political stance on Ruto's tax policies remains unchanged despite forging an alliance with the President.

 

Speaking during a burial ceremony in Kiambu County on Tuesday, Odinga addressed growing concerns among his supporters, who believe his engagement with the Kenya Kwanza administration signals a shift in allegiance.

 

"Now there are a lot of people making noise, saying that I have gone to Ruto and left them," Odinga said in apparet refrence to a heckling incident in Kisii on Sunday.

 

 

"I haven't left you; I haven't gone to Ruto. My political stand has not changed," he stated.

 

Odinga said his engagement with the government is solely aimed at addressing key national issues, including governance, taxation, and economic hardships affecting Kenyans.

 

"We have said that issues of importance must be sorted out, and that is why I have remained there until everything is resolved," he explained. "This cannot happen unless people come together to talk."

 

The ODM leader, whose loyalists joined Ruto's Cabinet after the June 2025 Gen Z-led anti-tax protets, reassured his supporters that his focus remains on advocating for policies that alleviate the burden on ordinary citizens, particularly in taxation and public service delivery.

 

"Elections will come in 2027, and Kenyans will decide on their own," Odinga said. "We no longer want Kenyans to continue suffering. The healthcare system has issues--SHA is not working, and it needs to be fixed."

 

Reform promise

 

Odinga further criticized the Housing Levy and high taxes imposed on Kenyans, stating that these policies require urgent review.

 

"The taxes Kenyans are paying are too high, and even the housing program is problematic. These issues need to be sorted, and they can't be addressed if I'm not involved. I have to be in for it to work," he added.

 

His remarks came amid mounting criticism, after ODM signed a cooperation pact with the ruling United Democratic Alliance (UDA) on Friday.

 

Ruto and Odinga defended the agreement, which has drawn mixed reactions, as a failproof mechanism to foster bipartisan engagement on key national issues, including economic reforms, governance, and constitutional amendments.

 

Odinga has maintained that his involvement is purely issue-based, dismissing speculation that he is aligning himself with the government for political advantage.

 

Read the original article on Capital FM.

 

 

 

Trump halts plan for 50% steel and aluminium tariffs on Canada

Donald Trump has halted a plan to double US tariffs on Canadian steel and metal imports to 50%, just hours after first threatening them.

 

Tariffs of 25% are still going ahead and will take effect from the 12 March.

 

The move by the president comes after the Canadian province of Ontario suspended new charges of 25% on electricity that it sends to some northern states in the US, hours after Trump threatened to sharply increase his tariffs on the country.

 

It marked the latest skirmish in a trade war that risks economic damage to the two North American neighbours.

 

 

 

"Cooler heads prevailed," said Trump trade adviser Peter Navarro told broadcaster CNBC, confirming that Trump would not move forward with his latest tariff threats.

 

Canada, one of America's closest trade partners, has borne the brunt of Trump's ire as he has launched trade battles in his first months in office.

 

Trump has hit goods from the country, along with Mexico, with a blanket 25% tariff, though he signed orders temporarily exempting a significant number of items from the new duties, which he said were a response to drug and migrants crossing into the US.

 

Canada is also facing 25% tariffs on its steel and aluminium, which are set to go into effect on Wednesday, after Trump said he was ending exemptions to the duties previously granted to some countries.

 

Canada has called Trump's attacks unjustified and announced retaliation, including new tariffs on C$30bn ($22bn; £16bn) US products.

 

Ford had announced he would tax electricity exports to the US in an effort to get those tariffs removed.

 

He had also previously said he would "not hesitate to shut off electricity completely" if the US "escalates".

 

Announcing the decision to suspend the electricity duties, Ford said he thought it was the "right decision" to try to start focus the discussions on the wider North American free trade deal.

 

"With any negotiation that we have, there's a point that both parties are heated and the temperature needs to come down," he said, thanking Commerce Secretary Howard Lutnick for reaching out about a meeting.

 

"They understand how serious we are," he added. "We have both agreed, let cooler heads prevail. We need to sit down and move this forward."

 

In his social media post early on Tuesday, which threatened to double levies on Canadian steel and aluminium, Trump said he was responding to Ford's moves.

 

He also criticised Canada for relying on the US for "military protection", and reiterated that he wanted the country to become the 51st US state.

 

He add that it "would make all tariffs, and everything else, totally disappear" if Canada were to join the US as a state.

 

The White House declared the episode a win, saying in a statement that Trump had "once again used the leverage of the American economy, which is the best and biggest in the world, to deliver a win for the American people".

 

Tariffs are taxes charged on goods imported from other countries.

 

The companies that bring the foreign goods into the country pay the tax to the government.

 

Faisal Islam: Trump is no longer swayed by the stock markets

 

 

Stock market falls

The back-and-forth came during a turbulent time for markets.

 

The S&P 500 index of the largest firms listed in the US fell a further 0.7% on Tuesday after dropping 2.7% on Monday, which was its biggest one-day drop since December.

 

The UK's FTSE 100 share index, which had edged lower earlier on Tuesday, fell further following Trump's latest comments and closed down more than 1%. The French Cac 40 index and German Dax followed a similar pattern.

 

Monday's stock market sell-off had begun after Trump said the economy was in a "transition" when asked about whether the US was heading for a recession.

 

Investors have been concerned about the economic effects of Trump's trade policies, which it is feared could push up inflation in the US and beyond, while uncertainty leads to economic paralyisis.

 

 

'Worrying time'

Even before Tuesday's comments, Trump's tariffs had already been causing concern for US businesses.

 

On Monday, Jason Goldstein, founder of Icarus Brewing, a small beer-maker in New Jersey that employs 50 people, told the BBC that previous tariff announcements had prompted a slew of emails from his suppliers.

 

They have been warning that price increases for everything from grain and aluminium cans are likely to be coming.

 

Mr Goldstein has stockpiled an extra month's supply of cans and held off on new purchases as a result of the uncertainty and rapidly changing situation.

 

"It's definitely a worrying time for us," he said.

 

"Never before in my life have I had to read so much news, watch so much news to know, here's what my industry's going to look like tomorrow."-bbc

 

 

 

 

 

Is the US really heading into a recession?

During his election campaign last year, Donald Trump promised Americans he would usher in a new era of prosperity.

 

Now two months into his presidency, he's painting a slightly different picture.

 

He has warned that it will be hard to bring down prices and the public should be prepared for a "little disturbance" before he can bring back wealth to the US.

 

Meanwhile, analysts say the odds of a downturn are increasing, pointing to his policies.

 

So is Trump about to trigger a recession in the world's largest economy?

 

 

Markets fall and recession risks rise

In the US, a recession is defined as a prolonged and widespread decline in economic activity typically characterised by a jump in unemployment and fall in incomes.

 

A chorus of economic analysts have warned in recent days that the risks of such a scenario are rising.

 

A JP Morgan report put the chance of recession at 40%, up from 30% at the start of the year, warning that US policy was "tilting away from growth", while Mark Zandi, chief economist at Moody's Analytics, upped the odds from 15% to 35%, citing tariffs.

 

The forecasts came as the S&P 500, which tracks 500 of the biggest companies in the US sank sharply. It has now fallen to its lowest level since September in a sign of fears about the future.

 

Line chart showing the S&P 500 share index from 11 September 2024 to 11 March 2025. On 11 September 2024, the index was at 5,554. It gradually rose from there, increasing more sharply after the US election on 5 November, and eventually hitting a peak of 6,144 on 19 February. It then started to fall sharply, reaching 5,572 on 11 March 2025.

 

The market turmoil is being driven partly by concerns about new taxes on imports, called tariffs, which Trump has introduced since he took office.

 

He has hit products from America's three biggest trade partners with the new duties, and threatened them more widely in moves that analysts believe will increase prices and curb growth.

 

Trump and his economic advisers have been warning the public to be prepared for some economic pain, while appearing to dismiss the market concerns - a marked change from his first term, when he frequently cited the stock market as a measure of his own success.

 

"There will always be changes and adjustments," he said last week, in response to pleas from businesses for more certainty.

 

The posture has increased investor worries about his plans.

 

Goldman Sachs last week raised its recession bets from 15% to 20%, saying it saw policy changes as "the key risk" to the economy. But it noted that the White House still had "the option to pull back if the downside risks begin to look more serious".

 

"If the White House remained committed to its policies even in the face of much worse data, recession risk would rise further," the firm's analysts warned.

 

Tariffs, uncertainty and slowing growth

For many firms, the biggest question mark is tariffs, which raise costs for US businesses by putting taxes on imports. As Trump unveils tariff plans, many companies are now facing lower profit margins, while holding off on investments and hiring as they try to figure out what the future will look like.

 

Investors are also worried about big cuts to the government workforce and government spending.

 

Brian Gardner, chief of Washington policy strategy at the investment bank Stifel, said businesses and investors had thought Trump intended tariffs as a negotiating tool.

 

"But what the president and his cabinet are signalling is actually a bigger deal. It's a restructuring of the American economy," he said. "And that's what's been driving markets in the last couple of weeks."

 

The US economy was already undergoing a slowdown, engineered in part by the central bank, which has kept interest rates higher to try to cool activity and stabilise prices.

 

What are tariffs and why is Trump using them?

Six things that could get more expensive

In recent weeks, some data suggests a more rapid weakening.

 

Retail sales fell in February, confidence - which had popped after Trump's election on several surveys of consumers and businesses - has fallen, and companies including major airlines, retailers such as Walmart and Target, and manufacturers are warning of a pullback.

 

Some analysts are worried a drop in the stock market could trigger a further clampdown in spending, especially among higher income households.

 

That could deliver a major hit to the US economy, which is driven by consumer spending and has grown increasingly dependent on those richer households, as lower income families face pressure from inflation.

 

The head of the US central bank, Jerome Powell, offered assurances in a speech last week, noting that sentiment had not been a good indicator of behaviour in recent years.

 

"Despite elevated levels of uncertainty, the US economy continues to be in a good place," he said.

 

But the US economy is currently deeply linked to the rest of the world, warned Kathleen Brooks, research director at XTB.

 

"The fact that tariffs could disrupt that at the same time that there were signs that the US economy was weakening anyway .. is really fuelling recession fears," she says.

 

Stock market in tech ripe for correction

The unease in the stock market isn't all about Trump.

 

Investors were already jittery about the possibility of a correction, after big gains over the last two years, driven by the sharp run-up in tech stocks fuelled by investor optimism about artificial intelligence (AI),

 

Chipmaker Nvidia, for example, saw its share price jump from less than $15 at the start of 2023 to nearly $150 in November of last year.

 

That type of rise had stirred debate about an "AI bubble" - with investors on high alert for signs of it bursting, which would have a big impact on the stock market, regardless of the dynamics in the wider economy.

 

Now, with views of the US economy darkening, optimism about AI is getting even harder to sustain.

 

Tech analyst Gene Munster of Deepwater Asset Management wrote on social media this week that his optimism had "taken a step back" as the chance of a recession increased "measurably" over the past month.

 

"The bottom line is that if we enter a recession, it will be extremely difficult for the AI trade to continue," he said.-bbc

 

 

 

 

 

 

 

 

 


 


 


 Invest Wisely!

Bulls n Bears 

 

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INVESTORS DIARY 2025

 


Company

Event

Venue

Date & Time

 


 

 

 

 

 


 

 

 

 

 


 

 

 

 

 


Companies under Cautionary

 

 

 


 

 

 

 


CBZH

GetBucks

EcoCash

 


Padenga

Econet

RTG

 


Fidelity

TSL

FMHL

 


 

 

 

 


 <mailto:info at bulls.co.zw> 

 


 

 


DISCLAIMER: This report has been prepared by Bulls ‘n Bears, a division of Faith Capital (Pvt) Ltd for general information purposes only and does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities. The information contained in this report has been compiled from s believed to be reliable, but no representation or warranty is made or guarantee given as to its accuracy or completeness. All opinions expressed and recommendations made are subject to change without notice. Securities or financial instruments mentioned herein may not be suitable for all investors. Securities of emerging and mid-size growth companies typically involve a higher degree of risk and more volatility than the securities of more established companies. Neither Faith Capital nor any other member of Bulls ‘n Bears nor any other person, accepts any liability whatsoever for any loss howsoever arising from any use of this report or its contents or otherwise arising in connection therewith. Recipients of this report shall be solely responsible for making their own independent investigation into the business, financial condition and future prospects of any companies referred to in this report. Other  Indices quoted herein are for guideline purposes only and d from third parties.

 


 

 


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